Latest in Mortgage News: OSFI Changes Rules for Mortgage Deferrals

Author: External Author | | Categories: Commercial Mortgage , First Time Home Buyer , Home buying , Interest Rates , Mortgage Broker , Mortgage Refinancing , Mortgage Services , Pre-Approval , Private Mortgage , Purchasing , Self Employed Mortgage

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OSFI, Canada’s banking regulator, announced today it will start phasing out special regulatory capital treatment of deferrals given improving economic conditions.

The changes are effective immediately for mortgage payment deferrals granted by the Big 6 banks through to the end of September. Those deferrals will now only receive special capital treatment for up to three months as opposed to six. After September 30, any deferrals will be treated according to OSFI’s normal rules.

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Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  August 31, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/08/latest-in-mortgage-news-osfi-changes-rules-for-mortgage-deferrals/



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